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TPREL and BoB Sign MOU for Rooftop Solar Financing Under PMSGMBY

Published on February 08, 2025
Current Context: Tata Power Renewable Energy Limited (TPREL) and Bank of Baroda signed a Memorandum of Understanding (MoU) on February 6, 2025, in Mumbai.
TPREL and BoB Sign MOU for Rooftop Solar Financing Under PMSGMBY
  • Key Points:
    • Aim: To finance residential rooftop solar systems under the Pradhan Mantri Surya Ghar Yojana (PMSGY).
    • Loan Amount: Up to Rs 6 lakh.
    • Interest Rate: Starting at 7% per annum, with both fixed and floating rate options.
    • Income Documentation: No documentation required for loans up to Rs 2 lakh.
    • Margin Contribution: 10% for loans up to Rs 2 lakh, 20% for loans above Rs 2 lakh.
    • Collateral: Loans are collateral-free.
    • Repayment Tenure: Flexible repayment tenure of up to 10 years.

Question:

1 What is the primary aim of the MoU signed between Tata Power Renewable Energy Limited (TPREL) and Bank of Baroda?

  • A) To provide loans for electric vehicle (EV) charging stations
  • B) To finance residential rooftop solar systems under the Pradhan Mantri Surya Ghar Yojana (PMSGY)
  • C) To fund large-scale solar power plants
  • D) To offer financial assistance for wind energy projects
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